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Imperial Oil CEO disagrees with mandatory cuts

December 4, 2018   Don Horne




Canada’s Imperial Oil Ltd’s Chief Executive said the company disagrees with the Alberta government’s decision to order mandatory production cuts, saying it introduces trade risks and sends a negative message to investors.

“This intervention appears not to recognize the investment decisions companies have made to access higher value markets,” Rich Kruger, chief executive of Imperial Oil said in a statement to Reuters on Monday, adding that the company is reviewing the potential impact to its investments.

Alberta Premier Rachel Notley said on Sunday that the government will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), until the excess crude in storage is drawn down.

(Reuters)

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